What McWhertor posted last night as a rumor is definitely not a rumor. I found out last night after getting my Fable II Depressing Limited Edition from GameStop that yes, the card was missing from the game. It was pathetic enough to go from that majestic-looking LE package to a game in a paper sleeve, and now this? Yay. Here's what Microsoft has to say about the issue on Xbox.com.

We have identified that some copies of the "Fable II" Limited Collector's Edition are missing the downloadable content (DLC) cards, which give access to in-game bonus content. This represents a small fraction of the total number of "Fable II" games shipped and sold, and is contained to the Limited Collector's Edition of the game in North America. We are currently investigating the scope of this situation and regardless the outcome of the investigation, we are implementing a plan to address it. We will have a means to deliver replacement codes by Oct 28th so please check back then. We apologize for the inconvenience.